Loraine Place is a boutique 20-unit community constructed in 1970, featuring one- and two-bedroom floorplans averaging 603 square feet. Over the past 5 years over $325,000 of improvements to the property including addressing deferred maintenance, upgrading the exterior with new paint and landscaping, and renovating 16 units to premium finish out featuring stainless steel appliances and granite/quartz countertops.
With the exterior largely addressed, a new owner can budget to finish upgrading the remaining 4 “classic” units to further boost income. There are also additional income opportunities through the implementation of reserved parking program for $25/space/month.
Investment Highlights
- Stable, Cash Flowing Asset that is Currently 100% Occupancy
- Agency Debt Available with Strong Leverage ~75%
- Turnkey Asset in a Supply Constrained Market
- Median Household Income Over $53,914 within Three Miles
- Minutes from Downtown Fort Worth and The Stockyards